IoT Professional Services Market Size Worth $206.90 Billion By 2032 | CAGR: 6.5%

The global IoT professional services market size is expected to reach USD 206.90 billion by 2032, according to a new study by Polaris Market Research. The report “IoT Professional Services Market Share, Size, Trends, Industry Analysis Report, By Application (Smart Buildings, Smart Manufacturing, Smart Transport & Logistics, Smart Healthcare, Smart Retail, and Smart Energy); By Deployment; By Service Type; By Region; Segment Forecast, 2023-2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The growing proliferation of fast and highly secure 5G network connectivity and increasing panning of smart grids to take over the complete energy industry in countries like the United States, Germany, China, and Japan, are major factors anticipated to accelerate the demand and adoption of IoT devices. The favorable circumstances in the IoT professional services market with the high adoption of smart farming and increased need for cloud-based advance services management platforms have encouraged large market players to shift their focus towards digital alteration and develop innovative IoT solutions to cater to the influencing users’ demand.

For instance, in February 2022, Astrocast, a leading global nanosatellite network entered into a strategic agreement with UnaBiz, an IoT service provider, with an aim to develop an end-to-end solution for asset tracking and monitoring. Under this agreement, Astrocast will deploy its direct-to-satellite service offering and consulting services for the onboarding of an ISO27001-certified IoT device management platform.

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In recent years, there has been a significant rise in the use of data processing and big data analytics, as big data analytics tools leverage IoTs to gather and collect data and allow people to effectively take charge and improve decision-making capabilities as well. IoT professional services allow businesses and enterprises to generate new revenue streams, shorten time to market, and fuel the return on investments that are likely to make a positive impact on demand and growth in the coming years.

IoT Professional Services Market Report Highlights

• Smart manufacturing segment accounted for a considerable global market share in 2022 owing to the high adoption of these services to effectively improve productivity and streamline industrial operations
• Cloud segment is projected to hold significant market revenue share over the anticipated period, which is mainly driven by its ability to reduce overall operating and licensing costs
• IoT consulting type segment held the highest market share in 2022 on account of a surge in the usage of consulting services across various business verticals to effectively perform various operations
• Asia Pacific region is projected to grow fastest during the expected period, which is mainly accelerated by a large number of smart city projects and infrastructural development in countries like India and Indonesia
• The global key market players include DXC Technology, Honeywell International, Tata Consultancy Services, Happiest Minds, and General Electric

Polaris Market Research has segmented the IoT professional services market report based on application, deployment, service type, and region:

IoT Professional Services, Application Outlook (Revenue - USD Billion, 2018 - 2030)

• Smart Buildings
• Smart Manufacturing
• Smart Transport & Logistics
• Smart Healthcare
• Smart Retail
• Smart Energy

IoT Professional Services, Deployment Outlook (Revenue - USD Billion, 2018 - 2030)

• On-premises
• Cloud

IoT Professional Services, Service Type Outlook (Revenue - USD Billion, 2018 - 2030)

• IoT Consulting
• IoT Infrastructure
• System Designing and Integration
• Support and Maintenance
• Education and Training

IoT Professional Services, Regional Outlook (Revenue - USD Billion, 2018 - 2030)

• North America
  • U.S
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
• Latin America
  • Argentina
  • Brazil
  • Mexico
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa